| Author |
 Topic  |
|
robestringer
Starting Member
1 Posts |
 Posted - 14 July 2012 : 14:56:54
|
my friend has 6k of debt
and is on the dole .
he is not able to pay of this debt!
is an IVA a good idea /
he has no mortgage and his only assett is his car worth 700. |
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 14 July 2012 : 16:32:36
|
Hi,
An IVA isn't possible with that level of debt but if he has no assets and less than £50 a month Di after his bills have been paid he could be eligible for a debt relief order. Get him to have a chat with an expert on here or visit the cab or chat to a company such as payplan or cccs for some free advice.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
|
 |
|
|
year 2029
Average Member
590 Posts |
Posted - 14 July 2012 : 17:11:03
|
Talking to the CAB is a good idea.
They should be able to negotiate on your friends behalf and stop more interest being applied, and then help set up a debt management plan.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 14 July 2012 : 17:49:23
|
Would you not think that a Debt Relief Order would be better?
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
|
|
|
|
Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 14 July 2012 : 17:57:46
|
If the OP is suitable for a DRO I would have thought that a structured debt solution would be better than a DMP as creditors are free to start charging interest at any time.
View my blog at http://skippy13.blogs.iva.co.uk/
The more I have to do with humans the more I think that the world would be a better place if it was run by animals.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
|
|
|
year 2029
Average Member
590 Posts |
Posted - 14 July 2012 : 18:02:14
|
You're both probably right, although getting the CAB to negotiate stopping interest whilst DRO is put in place would help.
The OP's friend could negotiate getting the interest frozen themselves of course, and starting some sort of payment, no matter how small as good will.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 14 July 2012 : 18:04:41
|
To be honest, with the amount of debt it really wouldn't matter if the interest mounted up a bit and it's surely better for the friend to go straight for the DRO?
By the time the interest has been frozen then the DRO could be in place.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
|
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 14 July 2012 : 19:37:32
|
Just to add that the friend could just start making token payments if he wanted/could afford to.
Best seek some professional advice asap to get the ball rolling if a DRO is appropriate for him.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
|
|
|
|
year 2029
Average Member
590 Posts |
Posted - 14 July 2012 : 22:31:35
|
Every little bit helps, as we all know, so getting interest frozen might mean reducing the pay back time quite a bit.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
|
|
|
nepensioner
Starting Member
18 Posts |
Posted - 15 July 2012 : 10:18:20
|
| A Debt Relief Order sounds as if it may be a good option. Since they are available if DI is less than £50 per month, and there are no payments to be made other than £90 fee, the interest accumulating whilst this is being set up is irrelevant. |
|
|
|
year 2029
Average Member
590 Posts |
Posted - 15 July 2012 : 10:44:13
|
From a personal point of view, I wouldn't call it irrelevant.
Every bit does help, and although it would be encompassed within the DRO, I'd want to do everything I could to sort my own affairs out.
Down to the individual I guess.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
|
|
|
Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 15 July 2012 : 11:10:24
|
Personally if a DRO was suitable for me I would rather get started ASAP than worry about getting the interest stopped as it's a relatively small level of debt.
View my blog at http://skippy13.blogs.iva.co.uk/
The more I have to do with humans the more I think that the world would be a better place if it was run by animals.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
|
|
|
year 2029
Average Member
590 Posts |
Posted - 15 July 2012 : 11:33:57
|
I don't disagree Tracey,
However,
It could take a couple of weeks to even get a CAB appointment, let alone starting the DRO. Assuming the person in question uses CAB.
Anyway, getting interest stopped can be done over the phone. Surely, we should try and reduce our debts, or stop them increasing?
But, as I said, that's down to the individual.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
|
|
|
Robert.st
Starting Member
United Kingdom
2 Posts |
Posted - 15 July 2012 : 22:45:49
|
hi ,thank you all for your replies .
my friend has worked hard but been pushed into an unsustainable financial situation by his employer and forced to leave his job.
he wants to work !!!!
I think he definitely has less than 50 disposable income per month.
I will investigate a Debt Relief Order for him .
thanks again Rob
rob |
|
|
|
Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 16 July 2012 : 07:38:26
|
Hi Rob,
The debt relief order will only work if he thinks his circumstances won't change for the better in the next year.
If he makes an appointment with the CAB, then they can discuss it with him in detail.
Let us know how he gets on.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 16 July 2012 : 09:34:07
|
Hi Rob,
You might find that a company such as Payplan or CCCS could get it done sooner than CAB.
Give them a call.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
|
|
|
|
Topic |
|
my friend has 6k of debt and is on the dole
